Sec. 3503.111. NONPROFIT CORPORATIONS. (a) The authority may authorize by resolution the incorporation of a nonprofit corporation under the Business Organizations Code to exercise the powers granted to the authority. A corporation created under this section must be a nonmember, nonstock corporation.
(b) Each nonprofit corporation created under this section may:
(1) acquire and hold title to real property and improvements to that property; and
(2) collect and remit to the authority income, less expenses, from that real property and from improvements to that property.
(c) The board shall appoint the board of directors of each nonprofit corporation created under this section. A board member is not required to reside in the authority.
(d) A board member or employee of the authority may simultaneously serve as a member of the board of directors of a nonprofit corporation. A person serving as a board member of the authority and of a nonprofit corporation created by the authority may participate in all votes relating to the business of the authority or the corporation, regardless of any statutory prohibition.
Added by Acts 2015, 84th Leg., R.S., Ch. 493 (S.B. 1563), Sec. 1, eff. June 16, 2015.
Last modified: September 28, 2016